Mr. Kevin Brewer reports

CMC METALS LTD. ACQUIRES AN 80% INTEREST IN THE BLUE HEAVEN PROPERTY, YUKON, CANADA

CMC Metals Ltd. has completed the final payment on the Blue Heaven property with the optionor Strategic Metals Ltd. and as a result is now an 80-per-cent owner of the property. The original final payment of the option agreement was amended and subsequently a payment of five million common shares at a deemed price of three cents per share, with a four-month hold period, was provided to Strategic as the final payment for the property.

The Blue Heaven property comprises 118 claims (1,975 hectares) that are contiguous to the company's Silver Hart project in south-central Yukon. Blue Heaven is characterized with 13 mineralized areas and 36 showings many of which are yet to be evaluated by the company. A brief program in 2022 extended previous trenching at the Desire showing (subsequently renamed as the Golden Cross zone) with highly positive results including:

• 8.0 metres grading 13.39 per cent lead, 1.57 per cent zinc, 359.25 grams per tonne silver and 1.17 per cent manganese including 1.0 metre of 10 per cent lead, 5.1 per cent zinc, 1,500 g/t silver and 2.3 per cent manganese;
• 13.0 metres grading 8.25 per cent lead, 4.22 per cent zinc, 151.57 g/t silver and 9.16 per cent manganese including 1.0 metre of 23.86 per cent lead, 0.9 per cent zinc, 623 g/t silver and 2.3 per cent manganese;
• A 14.0-metre mineralized area including 1.0-metre samples containing:
  • 3.61 per cent lead, 3.1 per cent zinc, 199 g/t silver and 12.6 per cent manganese;
  • 10 per cent lead, 2.5 per cent zinc, 360 g/t silver and 3.7 per cent manganese;
  • 10 per cent lead, 8.5 per cent zinc, 459 g/t silver and 1.6 per cent manganese.
• Several other 1.0-metre length individual samples containing:
  • 49.8 per cent lead, 3.7 per cent zinc, 857 g/t silver and 5.7 per cent manganese;
  • 13.4 per cent lead, 5.6 per cent zinc, 167 g/t silver and 10.5 per cent manganese;
  • 59.46 per cent lead, 1.8 per cent zinc, 1,076 g/t silver and 3.2 per cent manganese;
  • 21.01 per cent lead, 1.1 per cent zinc, 820 g/t silver and 1.4 per cent manganese;
  • 16.53 per cent lead, 0.3 per cent zinc, 425 g/t silver and 0.7 per cent manganese;
  • 64.56 per cent lead, 5.6 per cent zinc, greater than 1,500 g/t silver and 2.3 per cent manganese;
  • 29.26 per cent lead, 0.7 per cent zinc, 1,295 g/t silver and 0.5 per cent manganese.

These preliminary results demonstrate the potential for stacked manto sequences but require a lot more investigation to be conclusive in this regard. The area around the Golden Cross zone is also characterized by several outcrops with extensive manganese which has been found to be indicative of silver-lead-zinc CRD-style mineralization on the Silver Hart property. These areas will be further evaluated with trenching and detailed mapping once an exploration permit has been secured for the property

In addition, a bulk sample collected by Nordac Resources Ltd. in 1999 from the Blue and H zones by comprised of 51.47 dry tonnes grading 8,563 g/t silver, 56.2 per cent lead, 9.5 per cent zinc and 1.2 g/t gold. Also, a recent in-depth analysis completed by Ronacher-McKenzie Geosciences on the 2021 SkyTEM airborne electromagnetic survey identified four areas of exploration prospectivity that were deemed to merit detailed evaluation.

A permit application including a renewal for exploration at Silver Hart and proposed exploration activities at Blue Heaven has been submitted and accepted for review by the Yukon Environmental and Assessment Board.

Kevin Brewer, PGeo and president and chief executive officer of the company, noted that: "The Golden zone area, four new areas of exploration prospectivity, and the numerous showings on the Blue Heaven property indicate significant exploration potential. Combined with the neighboring Silver Hart claims, CMC now has secured a significant interest on over four kilometres of a prospective carbonate belt that is an excellent target for skarn, vein and carbonate replacement high-grade silver-lead-zinc mineralization."

Qualified person

Kevin Brewer, a registered professional geoscientist, is the company's president and CEO, and qualified person (as defined by National Instrument 43-101). He has given his approval of the technical information pertaining reported herein. The company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying, and all other technical data.

About CMC Metals Ltd.

CMC Metals is a growth-stage exploration company focused on opportunities for high-grade polymetallic deposits in Yukon, British Columbia and Newfoundland. The company's polymetallic silver-lead-zinc CRD prospects in the Rancheria silver district include the Silver Hart deposit and Blue Heaven claims (Yukon), Amy and Silverknife claims (British Columbia). The company's polymetallic projects with potential for copper-silver-gold and other metals include Bridal Veil (central Newfoundland) and Logjam (Yukon).

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